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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Revenues $ 132,932 $ 94,132 $ 261,960 $ 173,908
Operating Expenses        
Employment expenses 54,868 42,992 115,564 82,633
Distribution and other asset-based expenses 23,721 15,764 46,012 31,087
Other operating expenses 19,128 20,236 35,990 33,462
Restructuring and severance 0 8,894 0 8,894
Depreciation and other amortization 1,100 776 2,115 1,440
Amortization expense 5,024 1,813 10,060 2,046
Total operating expenses 105,624 90,948 212,035 160,677
Operating Income (Loss) 27,308 3,184 49,925 13,231
Other Income (Expense)        
Other income (expense), net 455 47 1,774 693
Total other income (expense), net (364) (90) 3,652 5,297
Interest Income (Expense)        
Total interest income (expense), net 5,750 (1,186) 9,467 1,558
Income (Loss) Before Income Taxes 32,694 1,908 63,044 20,086
Income tax expense (benefit) 9,465 1,880 15,988 6,313
Net Income (Loss) 23,229 28 47,056 13,773
Noncontrolling interests (159) (333) (686) (1,051)
Net Income (Loss) Attributable to Stockholders 23,070 (305) 46,370 12,722
Preferred stockholder dividends (2,084) (2,084) (4,168) (4,168)
Net Income (Loss) Attributable to Common Stockholders $ 20,986 $ (2,389) $ 42,202 $ 8,554
Earnings (Loss) per share—Basic (in $ per share) $ 2.91 $ (0.34) $ 5.86 $ 1.26
Earnings (Loss) per Share—Diluted (in $ per share) 2.75 (0.34) 5.52 1.22
Cash Dividends Declared per Preferred Share (in $ per share) 1.81 1.81 3.63 3.63
Cash Dividends Declared per Common Share (in $ per share) $ 0.45 $ 0.45 $ 0.90 $ 0.90
Weighted Average Shares Outstanding—Basic (in shares) 7,211 7,064 7,204 6,804
Weighted Average Shares Outstanding—Diluted (in shares) 8,401 7,064 8,396 7,020
Consolidated investment products        
Operating Expenses        
Total operating expenses $ 1,783 $ 473 $ 2,294 $ 1,115
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (1,779) (1,424) 480 3,020
Interest Income (Expense)        
Interest expense (15,278) (2,995) (29,827) (5,852)
Interest and dividend income 23,679 5,102 45,082 10,758
Consolidated entity excluding consolidated investment products        
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net 960 1,287 1,398 1,584
Interest Income (Expense)        
Interest expense (4,469) (3,739) (8,327) (3,982)
Interest and dividend income 1,818 446 2,539 634
Investment management fees        
Revenues        
Revenues 103,168 74,062 203,644 133,333
Distribution and service fees        
Revenues        
Revenues 13,549 10,439 26,156 21,222
Administration and shareholder service fees        
Revenues        
Revenues 15,967 9,476 31,705 18,457
Other income and fees        
Revenues        
Revenues $ 248 $ 155 $ 455 $ 896